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Chinese President Xi Jinping underscores blockchain importance in transport

by admin

Crypto News

Chinese President Xi Jinping said on Thursday at the United Nations Global Sustainable Transport Conference the country needs to uphold an innovation-driven approach and create more drivers for development. He specifically mentioned in his remarks the integration of blockchain.

Fast facts

  • Xi said more should be done to develop smart transport and smart logistics and “promote deep integration of new technologies like big data, the internet, artificial intelligence and blockchain with the transport sector, to ensure easier movement of people and smoother flow of goods,” according to a full transcript released by state-run Xinhua news agency.
  • China has been actively developing blockchain technology, with many projects thriving not just on its home turf but overseas. For example, its Blockchain-based Service Network (BSN) — a public-private nationwide infrastructure project to spur mass adoption of blockchain technology — is setting up portals in Hong Kong, South Korea, Turkey and Uzbekistan, as it moves a step closer to more international exposure.
  • Meanwhile, China is pioneering the world’s first major central bank digital currency (CBDC). The electronic Chinese yuan (e-CNY) is issued by China’s central bank, the People’s Bank of China. It is slowly being rolled out to Chinese consumers. Many expect the digital yuan to be formally launched in time for the Beijing Winter Olympics in February.

See related article: Special series: China bets on the blockchain

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